By Shelly Melancon (Switzerland)
Ethereum is treading in the footprints of Bitcoin, and based on data from CoinMarketCap, it achieved a record all-time peak of $4,336 just a couple of hours ago. On Oct. 20, BTC reached a new all-time high, hitting $66,930, following the NYSE debut of ProShares’ first Bitcoin derivatives exchange-traded fund (ETF), which was launched on Oct. 19.
Earlier this year, the EIP-1559 upgrade was released by the Ethereum development team, which included features such as the ability to burn ETH tokens. In December 2020, Ether officially initiated the zero step of Ethereum 2.0, and supernodes began putting Ether into the ETH 2.0 agreement, effectively locking it within the contract. It was previously stated that Ethereum market supplies were running low and that billionaires with wallets containing between 1 million and 10 million ETH had purchased an additional 13.9 percent of the total amount of ETH in existence in the previous three months.
The Top ETH Billionaires Acquired 13.9% More Ether
During the past three months, according to a tweet from Santiment on-chain data provider, Ethereum wallets holding between one and ten million Eth have been acquiring large amounts of Ether in large lumps. During this time, they have obtained 13.9 percent of the ETH in circulation and are continued to add to it, even as the price of Ether skyrocketed to the $4,200 range at the time, putting it one step closer to exceeding the all-time high reached in May, which it now has.
Also read:“After steadily accumulating $ETH since early August, it should come as no surprise that the second most valuable cryptocurrency is on the verge of setting a new #AllTimeHigh of its own.” — Santiment (@santimentfeed) on October 21, 2021.
Non-Exchange ETH Giants Possess 5x More Than Exchange Giants
A prior Santiment tweet from October stated that the proportion of non-exchange and exchange cryptocurrency giants and their ETH assets has now reached a value of 5:1. Crypto titans currently handle five times as much Ethereum in non-exchange wallets as they do in exchange addresses. The former’s ETH holdings currently total 22.91 million Ethereum, compared to merely 4.6 million ETH held on wallets based on cryptocurrency exchanges, according to CoinMarketCap.
Furthermore, in July, the top ten Ethereum domains purchased massive amounts of ETH, controlling 20.58 percent of the second-largest virtual currency by market capitalization at the time. In the meantime, as previously reported, the amount of ETH available on the exchange has been steadily decreasing as investors withdraw their funds to cold storage for long-term safekeeping of the cryptocurrency. This could be one of the primary factors contributing to the rise in the price of Ethereum.
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